SlowMist, a leading blockchain security platform, has recently released its latest security report, which focuses on the month of May 2024. The report reveals that a total of $124 million has been lost in 31 different incidents during this period. These incidents include account thefts, rug pulls, address spoofing exploits, and vulnerabilities in contracts.
It is important to note that the report does not cover all events, as some went unreported or had a lesser financial impact. The purpose of the report is to raise awareness about the security risks that the market faced throughout the month and to prevent similar incidents in the future.
One significant event occurred on May 3rd, when a malicious actor targeted a whale using a phishing attack with address spoofing. The whale lost 1,155 WBTC tokens worth nearly $70 million. However, the hacker eventually returned the funds, according to SlowMist’s report.
Another incident took place on May 14th, affecting Sonne Finance, an Optimism-based lending forum. The platform suffered a flash loan exploit, resulting in losses of over $20 million. In response, Seal contributors managed to recover $6.5 million by introducing VELO tokens worth approximately $100 into the market. The attacker exploited a specific vulnerability in the market using a multisig wallet and time lock capability.
On May 16th, pump.fun, a meme token generator on Solana, experienced an attack that led to a loss of nearly $1.9 million. The attacker then distributed the stolen coins to various random wallets through an airdrop. SlowMist revealed that a former employee executed the attack by exploiting unauthorized fund extraction access.
Gala Games, a Web3 gaming company, suffered a significant loss of approximately $21.8 million in an attack on May 20th. The attacker minted five billion GALA coins, equivalent to $200 million, and immediately traded 592 million GALA tokens, acquiring 5,952 ETH. However, the platform announced on May 22nd that the attacker had returned 5,913.2 ETH coins.
